Ulsterman dug up this blast from the past: a posting from this here site in 2006. At that time we recommended Vancouver real estate as the easy road to riches. If you followed that advice you’re probably reading this now on a solid gold iPad while you recline on silk cushions with your feet in a bath of Diva Vodka.
YOU can GET RICH in REAL ESTATE!
Are you ready to become so INCREDIBLY RICH that you no longer have to adhere to the standards and conventions of ‘civilized’ society? Are you TIRED of eeking out a day-to-day existence while you can smell THE REEK OF WEALTH all around you? Would you like to be able to walk through the mall without any pants and be so EXCESSIVELY WEALTHY that no one can utter a word about your pantless state, lest you unleash your personal squadron of vicious attack lawyers destroying their lives and reputations?
Well NOW you CAN!
Yes! Thanks to the MIRACLE of BOUNDLESS increases in PROPERTY VALUE you can now become a MULTI-MILLIONAIRE by investing in real-estate. And the best thing about it? This process requires NO EXPENSIVE COURSES OR SPECIAL EQUIPMENT. You don’t need any special skills or knowledge – In fact, you don’t even need a brain! THAT JUST HOW EASY IT IS!
Here’s how its done:
1) buy real-estate
2) sell real-estate (for more than you bought it for)
3) repeat and profit!
This SIMPLE MONEY-MAKING PLAN will see you swimming in your own personal GOLDEN BATHTUB filled with 50 dollar bills within a week. Within a month you will have SO MUCH MONEY coming in that you can hire people to MAKE MONEY FOR YOU. Within a year you will be so RICH, so INCREDIBLY WEALTHY that you will be able to buy yourself a SOLID GOLD SPHERE THREE HUNDRED MILES IN DIAMETER!
You will have the power to BUY AND SELL other people for your own amusement. Earth will be your playground and all that hear your name will COWER IN FEAR. So what are you waiting for? GET RICH NOW!
Why am I sharing my MONEY MAKING SECRETS with you? Because I care. I know that you personally have the RIGHT STUFF to dominate the globe and I want you to SUCCEED. And just to show you my generosity, my utter lack of personal greed or selfish motivation, I have just the thing to get you started. It’s a small leaky condo on the east side and it can be your stepping stone to UNLIMITED MIND-BOGGLING RICHES.
Remember, it’s never too late to take this advice! It’s entirely free and worth every penny paid! Stop slumping and start Trumping!
Many Franks pointed out this article over at BiV about house flipping in Dunbar. and points out how the math might not always be as appealing as it first sounds:
“A well-backed investor leveraging 20% down financing [around $400,000] would yield over 100% [on their cash investment],” said Derek Tinney, Landcor Data operations manager.Vancouver realtor Ken Leong, who admits to a brief – and heady – history of flipping condominiums for himself and clients, said it takes more nerve and cash to speculate on Vancouver’s detached-house market than during the exuberant days of condo flips a decade ago.
Leong said that if house price increases go soft – as in the current condo market – investors could find themselves financially under water fast.
Buried below the big numbers and cherry-picked examples are some important details:
[I]f an investor bought a house for $1 million and flipped it a few months later for $1.1 million, he or she would have to pay $18,000 in B.C.’s property purchase tax. Realtor commissions to sell the house would total around $33,500. The capital gains tax, likely at the highest tax bracket, would be roughly $30,000.“So now your $100,000 gain is down to less than $20,000, and you still have to add in the carrying costs of financing of around $4,000 per month while the house is for sale,” he said.
“It would be hard to make a big profit on such a flip,” Leong said. “Actually the government would make more than the investor.”
The last sentence is key.
Read the original article here.
Often when it comes to real estate stories in the local media the people interviewed are developers, marketers or realtors. These are all professionals who deal with the market every day, so it makes sense for the media to seek their opinion on housing stories.
But should they be driving the ‘affordability’ debate?
Architect and professor Avi Friedman thinks not.
“Builders will not initiate innovative ideas because they are profit motivators, so the city needs to act as a catalyst,” he told CBC Radio One’s Rick Cluff on The Early Edition.
Friedman also criticized the idea offered by many in the real estate industry, like marketer Bob Rennie, that Vancouver isn’t going to be affordable for everyone and that young people should consider moving to the suburbs.
“People who grew up and live in a city should be able to buy a home in their city. The fear is that, some of these young people may leave Vancouver,” Friedman said.
“Once you see the departure of young people from the city, they take along their potential … to start new businesses, to create a vibrancy that young people bring to a place.”
Friedman says it is incumbent upon the city and its leadership to foster and implement new ideas that will allow young people to stay and thrive in Vancouver.
Read the full article over at the CBC.
By now everyone knows about the high cost of the Olympic Village project.
Current estimates are that it will cost taxpayers between $400 – $600 million to pay this off.
There are 68 units still left unsold over the last six years, but over at the ‘Canada House’ building it looks like a number of units have been bought and flipped, at least one for more than $400k profit in a month.
Hat tip to Mac who pointed out this article in the Province.
So whats going on here? Should these units have been priced higher or considering the tough sales across this project were they right to unload them quickly even if there were buyers willing to pay more?
Are you aware of the Vancouver Realtor Hunger Index?
Across the city you’ll see used house salespeople who are having trouble making their german auto lease payments – a decline in the glory days of Vancouver real estate affects us all.
That lost commission translates into a deferred payment to a local auto dealer, who might not buy that extra big ad in the local newspaper. Will that editor buy his ounce of weed this month? Will that grow op have the money to expand?
These are the big issues to consider.
If you’re thinking about buying a house or apartment in Vancouver BC or know somebody who is, your commission can make all the difference.
Just jump in and do it. Now is the time.
The Vancouver Realtor Hunger Index for February 2014 stands at 62%.*
And while thats nowhere near the worst that we’ve seen it, it’s a hell of a lot worse that the halcyon days of 2004 where for two solid months every used house salesperson in the city was fed.
You can help. Buy a house or condo in Vancouver BC and lets keep this economy rolling.
*A big thanks to RFM for the data.